JPMorgan shares climb after the bank posts record earnings and revenue

  • JPMorgan reported first-quarter earnings results on Friday, kicking off another earnings season for the largest US banks.

JPMorgan Chase reported record first-quarter results on both the top and bottom lines Friday morning. Shares climbed 2.3% in early trading to $US108.68.

Here’s how the results stacked up with Wall Street’s expectations as compiled by Bloomberg.

  • Adjusted net income: $US9.18 billion versus $US7.7 billion expected
  • Earnings per share: $US2.65 versus $US2.34 expected
  • Revenue: $US29.85 billion versus $US28.4 billion expected
  • Expenses: $US16.4 billion versus $US16.7 billion expected

“In the first quarter of 2019, we had record revenue and net income, strong performance across each of our major businesses, and a more constructive environment,” CEO Jamie Dimon said in the earnings release. “Even amid some global geopolitical uncertainty, the US economy continues to grow, employment and wages are going up, inflation is moderate, financial markets are healthy, and consumer and business confidence remains strong.”

A deeper look into the numbers showed the trading and investment-banking businesses exceeded expectations, though trading declined 17% from the year earlier:

  • FICC sales & trading revenue: $US3.73 billion versus $US3.67 billion expected
  • Equity sales & trading revenue: $US1.74 billion versus $US1.73 billion expected
  • Investment-banking revenue: $US1.75 billion versus $US1.63 billion expected

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